Can be used at our nearly 300,000 merchant locations with existing
point of sale devices

August 13, 2015 11:00 AM Eastern Daylight Time

STAMFORD, Conn.--(EON: Enhanced Online News)--Synchrony Financial (NYSE:SYF),
the largest provider of private label credit cards in the U.S.1,
announced that the benefits and features available on Synchrony
Bank-issued private label credit cards can be easily accessed by
cardholders through Samsung Pay, scheduled to launch next month. Joining
Samsung executives at the Unpacked event in New York City today,
Synchrony Financial is pleased to be among the first issuers to preserve
the value proposition of private label credit cards in this secure
mobile wallet environment.

“We continue to make our cards valuable to consumers, retailers and
merchants and are pleased to securely offer the benefits of our private
label credit cards through Samsung Pay”

Leveraging both Magnetic Secure Transmission (MST) and Near Field
Communication (NFC) technologies, Samsung Pay is compatible with most
existing payment terminals and allows Synchrony Financial’s partners and
customers to enjoy the benefits that our retail cards offer as well as
the secure, convenient mobile payment functionality they desire. All of
Synchrony Bank’s Payment Solutions and CareCredit cards, including 12
million average active accounts accepted at nearly 300,000 locations,
are capable of being provisioned for Samsung Pay when it launches next
month.

“We continue to make our cards valuable to consumers, retailers and
merchants and are pleased to securely offer the benefits of our private
label credit cards through Samsung Pay,” said Margaret Keane, president
and CEO of Synchrony Financial. “Through our ongoing innovation and
strategic partnerships, we have developed a mobile platform that we can
rapidly integrate with providers’ wallets while preserving the value of
Synchrony Bank’s private label credit cards and patented Dual Cards for
whichever mobile wallet our partners and customers choose.”

The Samsung Pay app is locked by fingerprint or PIN making it
immediately more secure than a traditional wallet. All Synchrony Bank
private label credit card accounts in Samsung Pay will be
device-specific and domain-restricted tokens, meaning they will only
work in the merchant’s store, providing additional security.

Synchrony Financial continues to be at the forefront of mobile payments
technology, committed to working with all third-party digital wallets.
Through this approach, Synchrony Financial is helping shape the future
of how private label credit cards work in mobile wallets, integrating
all the benefits of private label cards that appeal to our partners and
customers.

A growing percentage of customers who interact with Synchrony Financial
use only mobile channels, and we continue to see significant gains
across the entire mobile product lifecycle including:

• Our mApply product allows shoppers to securely apply for credit
on their mobile devices and access their approved credit line within
minutes. Mobile credit applications have grown by more than 60% from Q2
2014 to Q2 2015.

• Our mService product, which allows customers to pay bills and
service their accounts on their mobile devices, saw usage increase by
more than 50% year-over-year.

• Our digital card – a proprietary digital version of either a
Synchrony Bank private label credit card or one of our patented Dual
Cards – enables in-store account lookup and mobile payments
functionality. The digital card seamlessly integrates with Synchrony
Financial’s mService product and is device agnostic, with no new
hardware or mobile application download required. Successfully piloted
in 2014 and launched for our CareCredit platform earlier this year, the
digital card has helped drive increased activations and transactions at
a number of retailers, merchants and service providers.

The rapid growth and deployment of Synchrony Financial’s mobile
capabilities has been the result of a dedicated Innovation Station team
comprised of cross-functional employees focused exclusively on emerging
technology, ideation and agile development of new products. One-day
prototyping sessions with partners and customers led this team to
develop a number of proprietary mobile solutions including the prototype
for our digital card product, enhancements to our mApply platform, and
other innovative releases. This team also initiated the strategic
partnership with LoopPay, the company which developed MST technology and
was acquired by Samsung in February.

About Synchrony Financial

Synchrony Financial (NYSE:SYF)
is one of the nation’s premier consumer financial services companies.
Our roots in consumer finance trace back to 1932, and today we are the
largest provider of private label credit cards in the United States
based on purchase volume and receivables2. We provide a range
of credit products through programs we have established with a diverse
group of national and regional retailers, local merchants,
manufacturers, buying groups, industry associations and healthcare
service providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
300,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety of
credit products to finance the purchase of goods and services. Synchrony
Financial (formerly GE Capital Retail Finance) offers private label and
co-branded Dual Card credit cards, promotional financing and installment
lending, loyalty programs and FDIC-insured savings products through
Synchrony Bank. More information can be found at www.synchronyfinancial.com
and twitter.com/SYFNews.